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TSB chief to face MP grilling

30 April 2018  |  3843 views  |  0 London - Big Ben

With its IT disaster rumbling on into a second week, TSB's chief executive and chairman are being hauled into Westminster to face questions from MPs.

More than a week after a switch to a new banking platform from parent Banco Sabadell was spectacularly botched, many TSB customers are still unable to access their accounts online or via the bank's app.

On Wednesday, chief executive Paul Pester and chair Richard Meddings will face a grilling from the Treasury select committee about the problems.

"We will take evidence from TSB and Sabadell representatives to find out how they got into this mess, who is responsible, and how they are putting it right," says committee chair MP Nicky Morgan.

Pester has brought in outside help in the form of IBM and is attempting to placate angry customers - who appear to be fleeing the bank in droves - by agreeing to waive overdraft fees and pay out compensation for consequential losses as result of the downtime.

However, that is unlikely to save him from a rough ride from the select committee, where the question of whether he will receive a planned bonus will be high on the agenda.

In a letter to Morgan, Pester says that the bank is "proactively identifying customers through social media and through our own data who we think may be suffering hardship".

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